Other parts of this series:
- Social has come of age for business—and five keys bring success
- To truly capture the value of social, insurers must design initiatives with ROI in mind
- Data and analytics are key to insurers’ ability to capitalize on social opportunities
- Making room for social: The importance of effective governance
As insurers gain access to more sources of data—especially from the Internet of Things and social media—robust data and analytics capabilities are essential to create a competitive advantage.
Digital is rapidly transforming most industries, and insurance is no exception. Insurers today have access to more sources of data, including real-time dynamic data from the Internet of Things. In combination with social media, insurers with robust analytical capabilities can create a competitive advantage by offering tailored experiences and delivering exceptional value.
Insurers must become exceptionally analytic
Socially savvy organizations are exceptionally analytic, with a mindset that places analytics at the core of what they do. Unfortunately, in many organizations, social is delegated to employees with the least business experience, while some in the c-suite have little appreciation of social. A recent Accenture Digital report underscores the importance for everyone in the organization to be socially literate and engaged
To capitalize on social opportunities, insurers need:
- Good data—not just big data
- An architecture that allows them to synthesize data into actionable insights
- Technology that enables them to automate and scale programs
- The ability to take advantage of new technology, such as machine learning, to triage emerging threats and opportunities
Example: Protecting the Brand
Almost from the beginning, carriers recognized the value of monitoring consumer comments on Facebook and other social platforms to address potentially damaging comments, but as social media grew, so did this need. In fact, an Accenture survey of 6,000 insurance customers from 11 countries found 48 percent would consider comments on social media when making insurance purchasing decisions.
It took the development of sophisticated tools that can gather, analyze and address comments in real time, to enable rapid engagement with customers. Done well, it can head off or neutralize issues, protect the brand and even increase sales. On the flip side, some insurers use social media analytic tools to quickly determine how consumers react to marketing efforts and ad campaigns and to make them more effective.
Next week I’ll look at another tenet of the social insurer: creating the muscle memory that increases speed to market.
- Email me to discuss how Accenture can help insurers get more out of data and analytics.